NEW YORK, Feb 29 (Reuters) - Billionaire Ray Dalio, founder of hedge fund Bridgewater Associates, said the Magnificent Seven stocks are a "bit frothy but not in a full-on bubble," with Alphabet and Meta Platforms still "somewhat cheap" and Tesla "somewhat expensive."

Dalio made the comments in an analysis of the U.S. stock market he posted on LinkedIn on Thursday aimed to determine if there is a price bubble amid a persistent stocks rally.

The Magnificent Seven group - comprised of Google-parent Alphabet, Facebook-parent Meta, Amazon.com, Nvidia , Microsoft, Apple and Tesla - has rallied over 80% since January last year.

Dalio concluded that the U.S. stock market as a whole "doesn't look very bubbly," taking into consideration a proprietary formula which includes items such as current prices, new buyers, bullish sentiment and leverage.

"These levels are not consistent with past bubbles," the chief investment officer mentor wrote. "Our readings suggest that, while equities may have rallied meaningfully, we’re unlikely to be in a bubble."

The Magnificent Seven's market capitalization has mostly grown in line with earnings, he wrote.

Still, Dalio said his confidence for the Magnificent Seven is lower because there is uncertainty about the impact artificial intelligence will have.

(Reporting by Carolina Mandl in New York; Editing by Leslie Adler)